QUICK REVISION BEFORE EXAMS.

QUICK REVISION FOR BEFORE EXAMS.

1. What is Micro economics?

Ans. It is study of scarcity and choice problems facing an individual economic unit.

2. What are the components of micro economics?

Ans. Price theory, Welfare Theory, Theory of international trade.

3. What is meant by Macro Economics?

Ans. Macro economics is the study of aggregates in the economy.

4. What are the aggregates of the economy?

Ans. (i) Aggregate consumption,(ii) Aggd. investment (iii) Aggd. Demand

         (iv) Aggd. Supply (v) Domestic income (vi) General Price level.

5. What is economic problem?

Ans. The problem of choice arising from the use of scare means to the satisfaction of various ends is known as an economic problem.

6. Why does an economic problems arise?

Ans. 1. Unlimited wants having different priorities. 2. Unlimited means to with alternative uses. 3. Adjustment wants and means.

7. Name the Central problems.

Ans. i. Allocation of resources. ii. Fuller utilization of resources.

          iii. Growth of resources.